Kunhang Invested in the sixth phase of the fund to raise US$2 billion, half of which will be invested in the Chinese market

On 26 January, Asia Alternatives, an independent private equity complex in Asia, announced the completion of a total offering of US$2 billion for asia alternatives Capital Partners VI, LPs and multi-tier funds (collectively, the "Funds"). 36Kr learned that China is still the largest market for Kunxing's investments, and half of the capital in the new fundraising will be invested in China – building a diversified portfolio of private equity in Asia, with a focus on high-performing fund managers in Asia.

This is the largest fundraising since the establishment of Kunxing in 2006, with more than 85% of the committed capital of the LP coming from existing investors, including state and corporate pension funds, charitable foundations, university endowments, insurance companies and family offices in the United States, Canada, Europe, Japan and Asia. The LPs of the sixth fund include 15 parent-line institutions such as Boeing and Cathay Life Insurance Company.

According to the data, Kunhang Investment is one of the earliest independent private equity funds focused on Asia, and it is also the first limited partner to obtain the Qualificationd Overseas Limited Partner (QFLP) qualification in China, allowing it to invest in qualified RMB private equity funds.

Its target markets are Greater China (Chinese mainland, Taiwan and Hong Kong), Japan, South Korea, Southeast Asia, India and Australia, and diversifies its portfolio through a variety of opportunities such as investment in buyout funds, growth funds, venture capital and special types of funds, as well as direct projects and private secondary markets. The company currently has a total asset value of approximately $16.5 billion at its disposal. At present, Kunxing has invested in Five Source Capital, Eli Lilly Asia Fund, Dehong Capital, Atypical and Linear Capital in China, and has also invested directly in Alibaba.

Melissa Ma, co-founder and managing partner of Kunhang Investments, worked for Goldman Sachs and McKinsey before joining H&F as a director of San Francisco buyout fund firm. He is currently a member of the Investment Committee of Kunxing and is jointly responsible for the company's investments in M&A funds and direct investment projects in Asia.